Meta

You may have heard your local news talking head saying that the unemployment rate dropped to 5.7 percent, but did you realize that was only because 309,000 people dropped out of the labor force? No matter how good the numbers look for Wall Street, if there aren’t jobs then it’s not much of a “recovery.”

MaxSpeak has the details about the total failure of the Bush administration to create anywhere near the number of jobs it promised when it was looking to push through those tax cuts.

Some will take the numbers to mean “the tax cuts are working.” The question for them is, “What result would confirm to you that the tax cuts had not worked?” Answering “no job growth forever” doesn’t cut it. That would not happen. It’s much too easy a test for a policy. By such reasoning, the premise that eventual job growth means a tax cut ‘worked’ is not what economists call “falsifiable.” In other words, it’s bull-hockey.

So in light of a basic interest in the well being of working people, the President’s tax cuts are a miserable failure, and this year (like the previous one) has been a major-league economic policy flop.

Find out more about all of this at The Economic Policy Institute’s Job Watch site.